Transferring investment property to a Canadian corporation is a complex process that involves various legal, tax, and administrative considerations. Below are some general guidelines that you may find helpful. Please consult with a Canadian tax professional, accountant, and lawyer before proceeding, as they can provide advice tailored to your specific … Continue reading
Tax on Split Income While previously tax on split income only applied to individuals who were under the age of 18, starting in 2018, all Canadian taxpayers will be subject to this tax on certain types of income received during the year. Starting 2018, you’ll need to complete the T1206: Tax on split … Continue reading
Rates and Limits As expected, several tax rates and limits are changing for 2019. Federal and provincial income tax brackets are being increased (due to inflation). Employment Insurance (EI) Premiums are being decreased. The EI rate is being reduced from 1.66 percent in 2018 to 1.62 percent in 2019. Maximum … Continue reading
The U.S. Internal Revenue Service (IRS) urges taxpayers with expired Individual Taxpayer Identification Numbers (ITINs) to renew them as soon as possible. Tax returns with expired ITINs will face processing delays and affected taxpayers may lose eligibility for key tax benefits until the ITIN is renewed. An ITIN is used … Continue reading
加拿大税务局近日澄清，如果非居民在加居住超过183天，其配偶及子女也在加居住，这种所谓“太空人”仍可能被视作税务居民，应当主动报税。 判断一个人是否要报税，不是依据他的身份，而是他在加拿大的居住状态。在加拿大税收体系下，任何居民(resident)或非居民( non-resident)都有纳税的义务。持有10年多次往返签证的非居民个人，也要依据他的居住状态（Rdesidence Status）来衡量是否应该报税。 决定居住状态主要取决于居住地址、配偶或同居伴侣、未成年子女。如果在加拿大居住超过183天，又有配偶和子女在加拿大，可被视作税务居民。 衡量一个人是否是税务居民首先是依据居住的时间是否超过183天、住所、配偶以及未成年人。住所不仅看名下的居住物业，还有非名下的物业和租房情况。其次是在经济和生活上与加拿大的紧密度，是否在加开设金融帐户或者参与社区协会等。如果夫妇一方常住加拿大，另一方即使每年不住满183天，但满足其他3个条件，并且在加拿大拥有帐户、参与社区生活，也会被视作税务居民。 另据加拿大签署的金融账户信息交换（CRS）协议，加拿大税务局每年向协议国家提供协议国居民在加拿大的金融帐户信息，协议国也向加拿大提在该国的加拿大人的金融帐户信息。同时，根据加拿大税收法，加拿大的金融机构必须报告非居民的金融账户信息给税务局。 加拿大政府与中国、香港分别签署了避免双重苛税和阻止偷税漏税的双边税务协议。根据此协议，经常往返于加中两地的非加拿大居民可避免被双重缴税。
Higher contribution limits for retirement savings Employees who participate in certain retirement plans ‒ 401(k)s, 403(b)s, most 457 plans and the Thrift Savings plan – will be able to contribute as much as $18,500, a $500 increase from the current $18,000 limit. Deductible contributions to IRAs Savers who contribute to … Continue reading
If you are a Canadian non-resident, and you sell rental property located in Canada, there is an demanding set of rules you must follow to meet your tax obligations to Canada. You will be required to pay Canada Revenue Agency (CRA) 25% of the net capital gain on the property … Continue reading
“Starting with the 2016 tax year, generally due by late April 2017, you will be required to report basic information (date of acquisition, proceeds of disposition and description of the property) on your income tax and benefit return when you sell your principal residence to claim the full principal residence … Continue reading
On October 3, 2016, the Government announced an administrative change to Canada Revenue Agency’s reporting requirements for the sale of a principal residence. When you sell your principal residence or when you are considered to have sold it, usually you do not have to report the sale on your income … Continue reading
